PDS Biotechnology — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $7.6 million ($0.11 per basic and diluted share) for the three months ended September 30, 2026, compared to a net loss of $9.0 million ($0.19 per share) for the same period in 2025.
• Cash and cash equivalents totaled $15.2 million as of September 30, 2026, down from $26.7 million as of December 31, 2025.
• Research and development expenses were $2.1 million for the quarter, a decrease of $2.5 million from $4.6 million in the prior year period, driven by reductions in clinical trial costs ($1.6 million), personnel costs ($0.6 million), and manufacturing costs ($0.3 million).
• General and administrative expenses increased to $3.8 million from $3.6 million in the prior year period, primarily due to a $0.3 million increase in professional fees and a $0.1 million increase in personnel costs, partially offset by a $0.2 million decrease in stock-based compensation.
• Total operating expenses were $5.9 million for the quarter, compared to $8.1 million in the prior year period.
• Net interest expenses were $1.7 million for the quarter, an increase from $0.9 million in the prior year period.
• Total assets were $18.6 million as of September 30, 2026, down from $30.5 million as of December 31, 2025.
• Long-term debt was eliminated, reducing from $11.7 million as of December 31, 2025.
• Accumulated deficit increased to $241.3 million as of September 30, 2026, from $216.6 million as of December 31, 2025.

Business Segments and Product Lines:

• Strategic prioritization of PDS0301, an investigational tumor-targeted IL-12 immunocytokine, as the lead development program.
• PDS0301 clinical trials are ongoing at the National Cancer Institute (NCI), with a focus on solid tumors including metastatic colorectal cancer (mCRC) and liver-associated cancers.
• Published Phase 2 clinical trial results for PDS0101 (Versamune®) combined with pembrolizumab in HPV16-positive recurrent and/or metastatic head and neck cancer in JAMA Oncology.
• Received a Japanese patent (JP Patent No. 7909860) covering cationic lipids for stimulating Type I Interferon genes, broadly covering the Versamune® technology platform.
• Received patents in India (IN Patent No. 603830) and Israel (IL Patent No. 265833) for HPV16 Non-HLA Restricted T Cell vaccines covering the composition and use of PDS0101.
• Hosted a Key Opinion Leader (KOL) event featuring Dr. Jonathan M. Hernandez from the NCI to discuss PDS0301 Phase 2 trial outcomes.

Other Key Points:

• Completed the initial closing of a PIPE financing of up to $22.3 million led by Nant Capital, LLC, with participation from current investors.
• The PIPE includes a contingent milestone closing triggered by the submission to the FDA of a registrational Phase 3 clinical trial protocol for PDS0301, subject to closing conditions.
• Entered into an option agreement granting NantWorks, LLC a one-year exclusive right to negotiate an exclusive license for the PDS0101 program.
• Appointed Dr. Patrick Soon-Shiong (founder of NantWorks) and James Banaag to the Board of Directors as Nant Capital designees.
• Appointed three new board members effective October 18, 2026: John Dawson CBE, Deborah Ramsdell, and Bruce Wendel, bringing expertise in corporate development, commercialization, and regulation.
• The company intends to pursue strategic partnerships or externally funded opportunities for the Phase 3 development of PDS0101.